The United States is turning the tables on the global oil market, going from one of the largest importers of crude oil to a country that could and should export it, thanks to an energy renaissance that has made America the largest oil producer in the world.

But when it comes to the minerals that fuel so much else in modern life—from smartphones to flat-screen TVs to wind turbines—we are still stuck in the Dark Ages, highly dependent on other countries as we sit on valuable resources that could be meeting national needs.

The U.S. relies on foreign suppliers for 100% of 19 minerals and at least half of our supply for some 24 more. The list includes everything from rare-earth elements used in F-35s and computer hard drives to extremely rare metals like rhenium, a key component of alloys for industrial gas turbines and petroleum refining.

America’s foreign dependence has grown significantly since 1978 and seems to deepen each year as federal mineral policies become more obsolete. At stake is the future of U.S. manufacturing and the country’s international competitiveness—as illustrated by a September 2014 Edelman Berland survey of 400 manufacturing executives that found that more than 90% worry about mineral supply disruptions outside their control.

I am sponsoring legislation to put the focus on the minerals most critical to U.S. national needs. The American Mineral Security Act reforms and modernizes policies along the supply chain, from permitting new mines to recycling discarded materials. It is also a key part of the broad energy bill that the Senate Energy and Natural Resources Committee reported and sent to the Senate floor July 30 on a bipartisan 18 to 4 vote.

Above all we must tackle notoriously slow federal permitting. A June 2015 report by SNL Metals & Mining highlights the crux of the problem. A permitting delay of three to four years can reduce a mine’s value by more than a third, discouraging companies from investing in domestic projects.

That’s only part of the seven-to-10 years that the average mine is delayed—by a multilayered and redundant permitting process often lengthened by litigation from special-interest groups. The longer the delay, the greater the investment risk. Some projects ultimately lose almost half their value, while others will be abandoned before reaching production.

SNL’s analysis is not hypothetical. It features several case studies of mines significantly affected by permitting delays. One is the Kensington gold mine in my state of Alaska. Production was supposed to begin in 1993, but it took 17 years to get the necessary permits, largely due to the federal bureaucracy. Near the end of its permitting saga, the Environmental Protection Agency attempted to revoke the mine’s tailings permit, for the disposal of nongold residue—even after the Supreme Court had ruled the permit valid.

The cost of constructing the mine increased by 49%, and the cost of producing an ounce of gold for uses as varied as jewelry and electronics went up by 34%. As a result, the company building the mine changed its design to reflect reduced revenue expectations. Today the Kensington mine is operating successfully—but its output is one-third lower than initially envisioned due to the nearly two decades of regulatory snares.

The SNL report also offers new evidence that Congress must act now to fix the process, because many American operating mines are close to the end of their lifespan, with no domestic replacements in sight. Meanwhile, countries such as Canada and Australia approve new mines in a few years.

To slash U.S. dependence on foreign suppliers, we can change course on domestic minerals as we have on oil. The way to start is by building predictability and accountability into the permitting process. That’s the focus of the American Mineral Security Act: improvements that will result from establishing timelines, performance goals and greater transparency.

This won’t come at the expense of our world-leading environmental standards, and it will help every American enjoy a better life.

Ms. Murkowski, a Republican from Alaska, is chairman of the Senate Energy and Natural Resources Committee.